Some customers of Equity Savings and Loans Limited say they have been unable to access their deposits as concerns mount over the fate of the institution, amid reports that several branches have ceased operations.
According to the affected customers, they have been locked out of their accounts for months, leaving them struggling to meet daily expenses, sustain businesses and finance planned investments.
The situation has triggered anxiety among depositors and renewed concerns about confidence in the savings and loans sector.
Some of the customers told Joy News that they had been informed that the company was experiencing liquidity challenges, hence, their inability to withdraw funds.
One customer involved in the importation of phones, laptops and accessories said he was unable to access GH¢80,000 he intended to use to restock his business when the cedi came under pressure against major foreign currencies.
“When the dollar started skyrocketing, I decided to take a huge sum from my account because I am into importation of phones, laptops and accessories so I can restock my shop. The first time I went for GH¢80,000, I was told I cannot take such amount because they don’t have enough money,” he said.
Some depositors said they only became aware of the seriousness of the situation after discovering that branches they patronised had been closed.
“My friend alerted us that the facility had been locked. I initially didn’t believe it, but when we went to check, it was true,” one customer recounted.
Others reported that operations at certain branches had been suspended for several months without any formal explanation from management.
A customer who saves at the Lapaz branch said the office had not been operating for about four months.
“For four months now, they haven’t been operating at the Lapaz branch. I personally save there and I have noticed they have not been operating,” the customer said.
Several clients also complained about a lack of communication regarding the status of their deposits and the institution’s operations.
One investor said he visited a branch to amend arrangements on a three-year investment, only to find the office locked.
Another depositor said repeated attempts to retrieve funds had proved unsuccessful.
“They kept telling me there is no money. I kept going back and forth. I know people who invested over GH¢100,000 and still haven’t received their money,” he said.
The prolonged inability to access savings has reportedly placed many households and small businesses under financial strain, with affected customers calling for clarity on the status of the institution and the security of their funds.
A Business Desk Report